Banks buy San Miguel

Another blowout success in the international loan markets for the Philippines top corporate name

San Miguel Corp's $300m five year fundraising was wrapped up by arrangers ABN, BNP, Citigroup, HSBC, ING, JP Morgan, Standard Chartered and Sumitomo Mitsui earlier this week. The conglomerate is considered to be one of the best credits in the Philippines and carries the same rating as the sovereign - BB from SP.

In addition this was the borrowers first foray into the US dollar market since a $200 million fundraising back in...